Companies Act 2007 · As enacted · Part XIII · Administrators Appointment of Administrator
409. Approval of substantial revisions to proposals
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Where—
the proposals of the administrator have been approved under section 407 ; and
the administrator proposes to make substantial revisions to those proposals, the administrator shall send to all creditors of the company so far as he is aware of their addresses, a written statement of the proposed revisions.
The administrator shall call a meeting of the creditors to consider the revisions, not less than five and not more than ten working days after the date on which copies of the statement had been sent to the creditors.
The administrator shall also before the date of the scheduled meeting of the creditors to consider the statement, either—
send a copy of the statement to all shareholders of the company ; or
give public notice of an address at which shareholders of the company can obtain a copy of the statement free of charge.
The meeting may approve the proposed revisions with modifications, if the administrator consents to the modifications.
The meeting shall be conducted in accordance with the procedure specified in the Seventh Schedule, and at the conclusion of such meeting the administrator shall give notice of the result of the meeting to the Registrar.
NOTICE OF ADMINISTRATION
Part XIV
Floating Charges
Part XV
Receivers and Managers
Part XVI
Registrar-General of Companies and Registration Appointment of Officers
Part XVII
Application of Act to Existing Companies
Part XVIII
Overseas Companies
Part XIX
Advisory Commission
Part XX
Companies Disputes Board
Part XXI
Offences Miscellaneous Offences
Part XXII
Miscellaneous Prohibition of Partnership with More Than Twenty Members
Part XXIII